Concept to set up 2 units in Uttaranchal
18 Feb 2008
Mumbai-based Concept Pharmaceuticals, promoted by one of the founders of pharma major Lupin, plans to go public by the last quarter of this year.
A 23-year–old pharmaceutical, veterinary and bulk drugs manufacturer, Concept has expansion plans to enter the regulated markets of the US and Europe by launching high potential niche life-saving drugs in two years.
The company is setting up a Rs 35-crore plant at Roorkie in Uttaranchal with the US Food and Drug Administration (FDA) standards.
It is also planning another plant for bulk drugs in Uttranchal with an investment of Rs 40 crore, said A B Gupta, CMDof Concept Pharmaceuticals.
“The current market situation is not suitable for an IPO and we may file the red herring prospectus after March,†he said.
AB Gupta is one of the founders of Lupin and brother of DB Gupta, chairman of Lupin.
He said the Rs 150 crore Concept has four manufacturing plants in Aurangabad and a formulation plant in Nepal. Its subsidiary in Nepal, Concept Pharmaceuticals Nepal, caters to that local market.
Other expansions plans include setting up a large pharmaceutical division and launching over the counter products, Gupta added.
News Source: http://www.business-standard.com
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